Greek marine fuel logistics company Aegean Marine Petroleum Network has renewed its USD 1 billion secured global borrowing base multicurrency revolving credit facility.
The company said that the vast majority of the existing participating lenders updated their commitments to Aegean at improved terms in-line with market conditions.
In addition to the global borrowing base, Aegean also said it renewed a USD 250 million secured US borrowing base revolving credit facility on improved terms, which would be in part used to finance its operations in the United States.
“Both borrowing base facilities are also expected to continue to be used for the financing of the company’s working capital needs in connection with the purchase, transportation, storage and sale of fuel and gas oil for the company’s global and US businesses,” according to Aegean.
E. Nikolas Tavlarios, President of Aegean, said that this agreement “provides Aegean with ample financial flexibility to continue executing our strategy.”
Both renewals were arranged by ABN AMRO as sole lead arranger, bookrunner and syndication agent. ABN AMRO also acted again as agent in all capacities.